Yield Curve Collapses After US Denies NAFTA Deal: “Major Issues Remain Outstanding”

Late on Tuesday night, in a move which we said could be related to Trump-related tumult, Politico reported that the Trump administration is planning to announce Thursday that it has reached a breakthrough in NAFTA talks with Mexico. 

Citing three unidentified people close to the talks, Politico said that this “handshake” deal announcement on Thursday, would clear the way for Canada to rejoin negotiations to revise the free trade pact. The news promptly sent the loonie and peso higher.

However, shortly after the announcement, both Mexico and Canada pushed back against the report, and on Wednesday morning, a spokesperson for the US Trade Representative confirmed that “there is no deal yet” as “major Nafta issues remain outstanding.”

Predictably, the latest denial hit both the MXN and CAD lower…

… while US 10Y futures jumped to highs, rising as high as 120-22+, sending yields to session lows of 2.812%, the lowest level since July 6, and slammed the yield curve even flatter, pushing the 2s10s curve to 21bps, the flattest level all the was back to August 2007.

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Trump Hits Back At Cohen, “Strongly Suggests” Anyone Looking For “Good Lawyer” Turn Elsewhere

President Trump fired off a tweet early Wednesday slamming his former personal attorney, Michael Cohen, warning people: “If anyone is looking for a good lawyer, I would strongly suggest that you don’t retain the services of Michael Cohen!”

Trump’s tweet comes on the heels of Cohen pleading guilty on Tuesday to helping the President pay hush money to two women.

And as we reported early Wednesday, Cohen now wants to tell Mueller that Trump knew of an infamous 2016 meeting at Trump Tower and the Russian hacking of Democratic institutions before they took place, Cohen’s attorney Lanny Davis told MSNBC, deciding that any “attorney client” privilege in this case is strictly optional.

“Mr. Cohen has knowledge on certain subjects that should be of interest to the special counsel and is more than happy to tell the special counsel all that he knows,” Davis told MSNBC on Tuesday.

Not just about the obvious possibility of a conspiracy to collude and corrupt the American democracy system in the 2016 election, which the Trump Tower meeting was all about, but also knowledge about the computer crime of hacking and whether or not Mr. Trump knew ahead of time about that crime and even cheered it on.”

Davis is also setting up a $500,000 GoFundMe account for Cohen – just 2.5% of the $20 million Cohen lied on loan applications to obtain:  

Davis told MSNBC’s Morning Joe:  

 “In order to get Michael to be able to help, we need help on this fund, MichaelCohenTruthFund.com, we ask everybody to help Michael Cohen tell the truth about Donald Trump.”

The fund is up to nearly $19,000 as of this writing: 

 

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“Thanks Mr.Trump”: State Media Mocks US President For Helping Make China Great Again

Authored by Kinling Lo via The South China Morning Post,

Broadcaster’s English-language video lists all the ways Donald Trump’s trade war has helped China improve itself

China’s biggest state broadcaster has produced a short, satirical video mocking the US president that opens with the line: “Thanks Mr Trump, you are GREAT!”

The English-language footage, uploaded on YouTube on Monday night, takes the form of a letter to Donald Trump that thanks him for all the things he has done for China, and highlights many of the country’s concerns in the ongoing trade dispute.

The film by China Global Television Network (CGTN) sarcastically thanks Trump for helping the rest of the world to “bond” and galvanising China into making economic reforms that helped it lure major foreign investors such as Tesla.

The clip has since been removed from YouTube and Twitter.

It is one of the few occasions that state media has personally targeted the US president since the start of the trade war, with most reports taking a less confrontational tone.

The footage, released before Trump was embroiled in the latest controversy concerning the guilty plea of his personal lawyer Michael Cohen and conviction of former campaign chief Paul Manafort, appears designed to promote China’s cause before the latest round of US tariffs are expected to take place on Thursday.

“Dear Mr Trump, Thank you for the shock therapy about how far apart China and the US are and why it’s imperative they get on the same page,” the letter, read out by CGTN business anchor Cheng Lei, says.

“Thank you for re-instilling in the Chinese a sense of HUMILITY. How can there be enough gratitude for highlighting the foibles of overconfidence and self-congratulation, never a virtue except in your case,” Cheng, a former reporter for the US CNBC network, continues.

The letter covers a number of issues the trade war has brought into focus and explains how China has benefited from the situation.

At one point it even argues that China’s retaliatory tariffs on US food and drink imports will help improve the nation’s health, saying:

“On behalf of doctors, thank you for pointing out the need to wean off American goods like bourbon and bacon.”

Cheng expressed “agreement” with Trump’s stance that the “WTO needs reform”, and went on to thank the US government for reports that spelt out “China’s shortcomings” that had helped it to make “tough reforms” that helped bring in new investors, adding: “Hello, Tesla”.

Last month the US electric car maker announced plans to build a new plant in Shanghai, the first in China that will be wholly owned by a foreign company.

CGTN, which is broadcast in more than 100 countries from the US to Kenya, is an offshoot of the state broadcaster CCTV.

It was rebranded in 2016 as a news channel designed to cater to a foreign audience’s tastes.

It is also active on social media platforms – including Twitter, Facebook and YouTube – all of which are banned in China.

CGTN is part of a growing arm of state media designed to “tell China stories” as it make a global push to improve its soft power.

In June it started recruiting more than 350 journalists ahead for its first European hub, which will open in London later this year.

The Chinese state media outlet offered its own take on media ethics in the letter to Trump.

“Most of all, thank you for discrediting news media at large, so we need to be doubly sure that we’re not producing fake news. You are GREAT!,” Cheng said, signing off the letter with her “love”.

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Cohen Lawyer Launches $500,000 GoFundMe Campaign “To Expose The Truth About Trump”

With all the ‘slam-dunk’ evidence that he is proclaiming to have, some might wonder why Michael Cohen’s lawyer, longtime Clinton friend and Bill Clinton’s special counsel, Lanny Davis is launching a GoFundMe page so he can get paid?

Davis announced the GoFundMe campaign in an interview on MSNBC’s Morning Joe this morning.

He said:

In order to get Michael to be able to help, we need help on this fund, MichaelCohenTruthFund.com, we ask everybody to help Michael Cohen tell the truth about Donald Trump.”

The so-called “Michael Cohen Truth Fund” GoFundMe page states that it wants to help Cohen with his “commitment to tell the truth,” and has raised more than $15,000 in its first hour.

On July 2, 2018, Michael Cohen declared his independence from Donald Trump and his commitment to tell the truth.

On August 21, Michael Cohen made the decision to take legal responsibility and to continue his commitment to tell the truth.

Michael decided to put his family and his country first.  Now Michael needs your financial help — to pay his legal fees.

The Michael Cohen Truth Fund is a transparent trust account, with all donations going to help Michael Cohen and his family as he goes forward on his journey to tell the truth about Donald Trump.

With a $500,000 goal, we are sure Mr. Davis – who created the page – will be handsomely rewarded for his truth-seeking efforts.

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I Have a Cannabis Problem. I Still Think It Should Be Legalized.

Is America’s ever-expanding legal marijuana market a looming public health crisis? In “America’s Invisible Pot Addicts,” published this week in The Atlantic, Annie Lowrey argues that a growing number of Americans are quietly suffering from “cannabis use disorder.” That’s a more clinical and considerate way of saying that legal pot has created a lot more heavy marijuana users, some number of whom say they can’t stop.

I could easily fit into the dire statistics cited by Lowrey. I was a daily cannabis user for years. And for weeks at a time over the last decade, I have used it not just after work but throughout the day. I have no problem admitting that I do, in fact, have a problem with cannabis.

Lowrey claims that policy makers are ignoring pot users like me. But her story uses us as justification for creating laws and regulations that would limit the agency of all adults who wish to consume marijuana. I appreciate her concern, but she misses the mark.

The problem, Lowrey tells us, is that “state and local governments are setting up legal regimes without sufficient public-health protection.” Thanks to a shift in public attitudes, she says, lawmakers have gone from “treating cannabis as if it were as dangerous as heroin to treating it as if it were as benign as kombucha.”

As an example of the “invisible pot addict,” she provides a very brief profile of a California man named Evan, who has been clean from marijuana for “a hard-fought seven weeks.” Evan seems to miss smoking weed, but he felt it was ruining his life by keeping him from accomplishing his professional goals. He now chafes at the billboards popping up in California advertising legal cannabis. “It’s not a trigger,” he tells Lowrey, “but it is in your face.”

After giving us a few paragraphs of Evan, Lowrey uses the rest of her word count to share policy recommendations from half a dozen wonks.

“It wasn’t obvious to me 25 years ago, when 9 percent of self-reported cannabis users over the last month reported daily or near-daily use,” NYU’s Mark Kleiman tells Lowrey. “I always was prepared to say, ‘No, it’s not a very abusable drug. Nine percent of anybody will do something stupid.’ But that number is now [something like] 40 percent.”

We learn that there are many ways to constrain the legal market and “protect” users: a prohibition on commercial growing and retailing, a la D.C (which didn’t actually choose this route, but was limited to it by a Republican Congress threatening to lock down the city’s budget). Another idea floating around is a purchasing limit: Customers would set a monthly spending level for themselves that they cannot exceed, a la self-imposed deposit limits for gamblers. We should all be “listening to and believing the hundreds of thousands of users who argue marijuana is not always benign,” Lowrey concludes.

I’m happy to provide the perspective Lowrey says we need. I have both a pot problem and some thoughts on pot policy.

Over the last decade, my frequent use of marijuana precipitated a broken engagement, tarnished major moments in the lives of people I care about, and nearly cost me a job. For long stretches of time, I have been the daily smoker that Kleiman frets about, lighting up the minute I get home from work and staying lit until bed. Sometimes I went to work high. Heavy marijuana use has coincided with several major depressive episodes that lasted for months, and two very memorable bouts of acute, chest-clutching anxiety. At least five times in the last decade, I have gotten so high that I vomited. I know, I know: It sounds almost as bad as drinking!

There have also been countless occasions when getting and being stoned was really fun and really relaxing. Concerts, movie screenings, parties, group dinners.

Over the last year, I’ve been trying to figure out how to strike a balance between those two experiences. I don’t have a good solution. I also don’t have any cannabis products at home right now, and probably won’t for the foreseeable future. I’ve had some success with this approach when it comes to food: Along with some other strategies, keeping high-calorie foodstuffs out of my kitchen helped me change the way I eat and get my weight under control. Taking the same approach to cannabis is working right now. It even worked towards the end of my time in D.C., where a loophole allows for legal pot delivery.

This might seem like a giant overshare, but I think Lowrey is right that drug policy debates seldom include the voices of people who aren’t models of responsible consumption.

Yet Lowrey’s piece is no exception. Her story isn’t really about people like Evan or like me. It is about people like Kleiman, and what people like him want to do about people like us. Evan is a plot device, a cautionary tale. He’s grounds for grabbing the levers of public policy and yanking away.

How is Evan maintaining sobriety? What does he want done about those billboards? Lowrey doesn’t tell us, and it doesn’t seem like what Evan wants actually matters.

I don’t think Lowrey’s story is bad journalism. I think she views drug users—people like me—the way most educated progressives do: We are problems, and we cannot solve ourselves. While it’s an improvement to think of drug use as an issue of impulse control rather than deviancy, shifting the discussion from how to put people in shackles to how to get them into diapers doesn’t represent the full range of options.

Whether drug users want the government to intervene in their lives, and if so, how, are questions policy makers rarely ask. When we’re surveyed at all, we’re asked about our behaviors, not our preferences. This is also true of indigent people and people diagnosed with mental illnesses. If you reside in the place where all three of those circles overlap, it is very likely that no health professional or lawmaker has ever asked what you want, only what you did, or are doing, and what you would be willing to sacrifice in order to keep or regain your freedom.

That’s better than being treated as a villain, but not by much.

Lowrey thinks more policy makers should hear from people like me. So what do I think they should do, regarding cannabis, for people like me? To me? About me? Please, for the love of God, do nothing.

Perhaps my answer would be different if marijuana were the only thing that I tended to use in excess. But it’s not, nor is it for the other people I know who have a problem with pot. To a one, all of us struggle with either anxiety or depression and with other addictions. I used to binge eat and to drink way too much. Other pot smokers I know have struggled with both of those problems. States and the federal government should not make policy around my pot use, any more than they should make policy around my ice cream consumption. It should not be overly difficult for tens of millions of adults to buy marijuana legally because hundreds of thousands of us can’t handle our shit.

The technocrats will bristle at this. Once concerned with communicable diseases, public health policy is now a tool for fixing the behaviors that plague the left side of America’s bell curve. But there is something unreasonably elitist about this project.

“At some level, we know that spending more than half of your waking hours intoxicated for years and years on end is not increasing the likelihood that you’ll win a Pulitzer Prize or discover the cure for cancer,” drug policy researcher Jon Caulkins once told Vox‘s German Lopez. While history shows it’s possible to do great things under the influence, Caulkins is right at the macro level. So was Tyler Cowen when he recently wrote, “I see intelligence as one of the ultimate scarcities when it comes to making the world a better place, and smoking marijuana does not make people smarter.”

But I do not owe the world my brain, and marijuana is not what’s stopping me from curing cancer.

The optimal cannabis policy is the one that allows people to choose who they will be and what they will do. We may be worse off if we choose cannabis, but I doubt we will be worse off than the millions of people who have been variously arrested, charged, and incarcerated in the name of keeping the rest of us safe from ourselves.

Maybe I’m an outlier. Maybe the majority of people with “cannabis use disorder” want the state to make it harder for them to get high. I’m honestly curious to know, and while I take Lowrey at her word that she is too, I find it telling that she spent far more time surveying people who want to control how marijuana is sold and used than she did the users themselves.

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The Stock Market’s Latest Sell Signal Has Happened Only 5 Previous Times Since 1895

Authored by Mark Hulbert via MarketWatch.com,

Sound Advice Risk Indicator suggests stocks are overvalued relative to real estate

Would you be interested in an indicator with more 100 years of history, an excellent record at calling multi-generational tops in the U.S. stock market, and which has just flashed only its sixth sell signal since 1895?

Of course you would. That’s because most of the indicators with solid long-term records — such as the Cyclically-Adjusted Price Earnings Ratio, or CAPE, made famous by Yale University professor and Nobel laureate Robert Shiller — have been in “sell” mode for so long that many have stopped paying attention.

The “Sound Advice Risk Indicator” is a different story. This indicator, the brainchild of Gray Cardiff, editor of the Sound Advice newsletter, is derived from the ratio of the S&P 500 to the median price of a new U.S. house. For the first time since the late 1990s, and for only the sixth time since 1895, this indicator has risen above the 2.0 level that represents a major sell signal for equities.

Investors should pay attention to Cardiff’s indicator because he is one of the few advisers to have beaten the stock market over the long term. Over the 20 years through July 31, for example, according to Hulbert Financial Digest calculations, Cardiff’s model portfolio has beaten the S&P 500’s total return by 2.4 annualized percentage points.

It’s also worth emphasizing that Cardiff’s indicator does not represent an after-the-fact retrofitting of the data to coincide with past major stock market peaks. On the contrary, he has made this indicator a centerpiece of his newsletter at least since the early 1990s, which is when the Hulbert Financial Digest began monitoring its performance.

The investment rationale underlying this indicator, according to Cardiff, is that it “measures the struggle for capital” between the two major asset classes that compete for capital at the riskier end of the spectrum — stocks and real estate. When the indicator rises above 2.0, he argues, it means that the stock market has absorbed “a larger proportion of available investment capital than economic conditions can justify” and, therefore, it is in “imminent danger of falling.”

To be sure, Cardiff is quick to emphasize, his risk indicator is not a short-term market timing tool. In the wake of past occasions when it rose above 2.0, for example, equities stayed high or even continued rising “for many months, sometimes even a couple of years.” However, he continues, “in all cases, a major decline or crash followed, pulling down stock prices by 50% or more.”

This is certainly what happened the last time the indicator rose above the 2.0 level, which was in 1998, during the go-go dot-com years. That market bubble didn’t burst until March 2000.

Cardiff instead uses his risk indicator to identify beginnings and endings of so-called “Super Cycles” that typically last a decade or more. The current Super Cycle, according to Cardiff, began in early 2009, when the risk indicator hit a low of 0.77 — barely a third of its current level.

One investment implication of Cardiff’s analysis is that, in addition to equities being particularly high-risk right now, real estate has now become relatively attractive.

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Trump Is No Match for the First Amendment: New at Reason

When 400 or so news outlets ran editorials chastising Donald Trump for his anti-press demagoguery last week, they made an important point about freedom of speech in America: Journalists may be mad at the president, but they are not afraid him, which is no small accomplishment in a world where reporters who offend powerful people can end up behind bars or below ground.

Americans owe their freedom of expression to the quasi-magical powers of words written more than two centuries ago. Combined with an independent judiciary, those words continue to provide robust protection for people who annoy the government.

Reporters Without Borders moved the United States down four notches in its World Press Freedom Index between 2016 and 2018, mainly because of Trump’s open hostility toward the people who cover him. But far from undermining freedom of the press, Jacob Sullum says, the president’s fulminations have proven its durability.

View this article

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Cohen Willing To Tell Mueller About Trump’s “Conspiracy To Collude” With Russia

If there was any doubt whether Michael Cohen had flipped, despite statements that he was not cooperating with the government as part of his guilty plea and refusing to name the “candidate” who instructed him to violate campaign finance law, that was promptly dissolved in the following hours when Cohen’s lawyer, Lanny Davis said that his client has “knowledge” about computer hacking and collusion, and is willing to speak with Special Counsel Robert Mueller about a “conspiracy to collude” with Russia during the 2016 presidential campaign.

Cohen, who pleaded guilty on Tuesday to helping President Trump pay hush money to two women, wants to tell Mueller that Trump knew of an infamous 2016 meeting at Trump Tower and the Russian hacking of Democratic institutions before they took place, Davis told MSNBC.

Mr. Cohen has knowledge on certain subjects that should be of interest to the special counsel and is more than happy to tell the special counsel all that he knows,” Davis told the network late on Tuesday.

Not just about the obvious possibility of a conspiracy to collude and corrupt the American democracy system in the 2016 election, which the Trump Tower meeting was all about, but also knowledge about the computer crime of hacking and whether or not Mr. Trump knew ahead of time about that crime and even cheered it on.”

“My observation is that Michael Cohen knows information that would be of interest to the special counsel in my opinion,” Davis added.

According to the NY Post, last month a source told the publication that Cohen was present when Trump was informed by his son Donald Trump Jr. that Russians offered “dirt” on then-candidate Hillary Clinton. Trump claimed he “didn’t know anything about the meeting” because “nobody told me” about it.

Mueller’s probe into whether the Trump campaign was involved in Russia’s interference in the 2016 elections continues. But Mueller handed off the Cohen case to federal prosecutors in New York, which means that his guilty plea intensifies a second — and entirely separate — investigation that could threaten the president.

Trump tried to shrug off the Manafort conviction, telling reporters Tuesday that “it had nothing to do with Russian collusion, so we continue the witch hunt.

Trump’s lawyer Rudy Giuliani, said the Cohen plea deal wasn’t related to Trump. “There is no allegation of any wrongdoing against the president in the government’s charges against Mr. Cohen,” he said in a statement. “It is clear that, as the prosecutor noted, Mr. Cohen’s actions reflect a pattern of lies and dishonesty over a significant period of time.”

While Cohen didn’t name Trump in court, referring instead to a “candidate” who directed him to make the illegal payments, Davis was more direct, saying in a statement later Tuesday that Cohen “stood up and testified under oath that Donald Trump directed him to commit a crime by making payments to two women for the principal purpose of influencing an election.”

If Trump knew about the payments and that they were illegal, he could be charged with violating election law for accepting illegal payments and not disclosing them, said Paul S. Ryan, a campaign finance lawyer with Common Cause. Current Justice Department guidelines state that a sitting president cannot be indicted, and that any wrongdoing should be referred to Congress for impeachment proceedings. Those guidelines aren’t binding.

And nearly the same time as Cohen pled guilty, in a Virginia courtroom, Trump’s former campaign finance chair, Tim Manafort was found guilty on five counts of tax fraud, one count of failing to file a financial document with the government, and two counts of bank fraud. The jury couldn’t reach a decision on the other 10 counts. He was accused of lying to tax authorities about his income and offshore tax accounts, failing to file reports about those accounts, and defrauding banks to get loans.

The media is now speculating whether Trump will pardon Manafort, who is reportedly evaluating all options.

Meanwhile, speaking on CNN on Wednesday, Davis said that Michael Cohen, wouldn’t accept a pardon if one was offered by Trump, and instead Davis urged people to support Cohen using a GoFundMe fund with a $500k goal.

Playing the “remorseful criminal” card, Davis also told MSNBC that it was Trump’s meeting with Russian President Vladimir Putin in Helsinki that marked “a significant turning point” for Cohen and encouraged him to come forward out of concern about the U.S. future. “That shook up Mr. Cohen” who may be a tax-evading criminal but is first and foremost a patriot.

 

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Elizabeth Nolan Brown Talks About Her Blockbuster Backpage Story on Sirius XM

Reason Editor in Chief Katherine Mangu-Ward put it best:

It’s a great article, you should read it, and I will be talking to its author, Elizabeth Nolan Brown, tomorrow during the first hour of my guest-hosting gig at Stand UP! with Pete Dominick on SiriusXM Insight (channel 121) from 9-12 a.m. ET. Make sure to call at any time during the interview or show and tell us what you think: 1-877-974-7487. Other guests on the program are scheduled to include:

* Business Insider national security/Russia investigation reporter Sonam Sheth, who will break down yesterday’s courtroom bombshells with Michael Cohen and Paul Manafort.

* Raymond Arsenault, who will talk about his brand new book Arthur Ashe: A Life.

* Beloved former Reasoner Lauren Krisai, now of the Justice Action Network, who will talk about all the prison reform news breaking this week.

* And an author who, I dunno, was kidnapped by Somali pirates for three years: Michael Scott Moore, author of The Desert and the Sea: 977 Days Captive on the Somali Pirate Coast.

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Facebook Removes 652 Accounts Linked To “Inauthentic Behavior” Originating In Iran And Russia

Facebook said late on Tuesday that it had removed multiple pages, groups and accounts for “coordinated inauthentic behavior” on its site and on Instagram. The company said in a long blog post  that it removed 652 pages, groups and accounts from activities that originated in Iran and “targeted people across multiple internet services in the Middle East, Latin America, UK and US.” Facebook noted that the activity appears to reflect increasing attempts by the Iranian regime to push its geopolitical agenda through online subterfuge.

Facebook said that they were acting based on a tip from a cybersecurity firm FireEye, known for its work in exposing “Russian hackers” and funding the controversial Center for European Policy Analysis. Some of the Iranian accounts and pages were created as far back as 2011, Facebook said.

Separately, Facebook also took down an unspecified number of accounts and pages that it said originated in Russia. While much of Russia’s alleged activity on Facebook in the past has centered on U.S. social issues, the bad actors identified in the latest purge were focused on politics in Syria and Ukraine.

“Finally, we’ve removed Pages, groups and accounts that can be linked to sources the US government has previously identified as Russian military intelligence services,” the social media giant wrote in bold text. It provided no number of removed accounts, when exactly they were blocked, or any details of their alleged wrongdoings. The company only said that some of these accounts are believed to be “associated with Inside Syria Media Center,” which, according to the Atlantic Council aka the academic wing of NATO, is “covertly spreading pro-Russian and pro-Assad content.”

Facebook said it found no evidence the campaigns by Russia and Iran were connected.

“We’ve been investigating some of these campaigns for months now, which highlights the tension we face in every investigation between removing bad actors quickly and improving our defenses over time,” Chief Executive Mark Zuckerberg said during a hastily scheduled conference call with reporters late Tuesday. “Because if we remove them too early, it’s harder to understand their playbook and the extent of their network. It can also make it harder for law enforcement.”

Zuckerberg said the action announced Tuesday reflected the firm’s “newfound approach” to finding and stamping out fake activity. “The shift we made from reactive to proactive detection is a big change, and it’s going to make Facebook safer for everyone over time,” the CEO told reporters.

Facebook’s allegation that the offenders were tied to Russia and Iran marks a departure from July when it announced a purge of 32 pages and was reluctant to assign responsibility for the content it pulled from the platform. On Tuesday, executives reiterated they couldn’t attribute last month’s campaign to any actor.

“We’re still investigating and there’s a lot that we don’t know yet,” Mr. Zuckerberg said. “As a company, we don’t have all the investigative tools and intelligence that governments have, which makes it hard to always attribute a particular abuse to particular countries or groups.”

Facebook’s account closures came one day after Microsoft said Russian hackers linked to the 2016 election cyberattacks on the Democratic Party are broadening their efforts to target U.S. politics ahead of the midterms to include well-connected conservative groups.

Facebook refused to speculate on the motive of the Iranian or Russian campaigns during the press call with reporters. Lee Foster, a researcher with FireEye who worked on the Iran investigation, said the pages sought to promote Tehran’s interests, including “anti-Saudi, anti-Israeli and pro-Palestinian themes.

There was no mention of any accounts deleted for promoting pro-Saudi, pro-Israeli and anti-Palestinian themes.

Nearly simultaneously, in a tweet posted to a corporate account, Twitter announced that it was “working with our industry peers today, we have suspended 284 accounts from Twitter for engaging in coordinated manipulation. Based on our existing analysis, it appears many of these accounts originated from Iran.”

It “appears many of these accounts originated from Iran,” the Twitter message states as Iran has now clearly become the media’s new bogeyman.

Facebook said it had shared its findings with both the U.S. and British governments on the Iranian activity and the U.S. treasury and state departments about Iran’s activity.

According to the WSJ, Senator Richard Burr (R., N.C.), who chairs the Senate Intelligence Committee that has been investigating online influence operations, said Facebook’s disclosure further reflected that foreign actors wanted to use social media to sow political discord and that “Russia is not the only hostile foreign actor developing this capability.”

Mr. Burr said he intended to discuss the foreign operations with Sheryl Sandberg, Facebook’s chief operating officer, when she testified before his panel in early September.

In other words, if the midterm elections produce an outcome that is the opposite of what the media broadly expects, this time it will be Iran’s fault.

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